- Mistake 1: Don't really know where I spend
- Mistake 2: I saw, I liked, I shopped
- Mistake 3: I live on plastic
- Mistake 4: Not now, maybe later
- Mistake 5: I like risks and adventure
- Mistake 6: My uncle has it, I'll also buy one; it'll save my tax, too
Friday, August 27, 2010
6 money mistakes to avoid when you've just started working
Today's Mint has a very helpful piece by Harshada Karnik for youngsters who are into their first job. That first cheque may give you a high, she says, but before blowing it up, you should take a look at what a small part of it can earn in the long run. And then she lists the mistakes many youngsters make when it comes to financial planning:
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Hehe! The other extremes being:
ReplyDeleteMistake 1: Don't know where to spend
Mistake 2: I saw, I liked, I made my friend buy it for me
Mistake 3: I live on plastic (literally, I don't eat at all!)
Mistake 4: Not now, maybe later (birthday gifts for friends)
Mistake5: I like risks and adventure (so I don't spend on autos,regardless of how late at night it is; I walk!)
Mistake 6: My uncle has it (so I'll just borrow it from him!)
PS: For some of my miserly friends who too have recently started working!
Thank you so much!
ReplyDeleteThis was a big help at this point when we all are staring our first jobs(and responsibilities) right in the eye! I had decided a long time ago to always save atleast 10% of my salary. But in the last few lines of the article, the writer says- If you are savvy enough, you can save 50% of your salary!
Now that is a little too much I feel. With today's youngsters? No, not at all. Only if you are living in Ladakh!
Anyway, it was a very interesting read, sir. Thank you again.